Published: Wed, July 03, 2019
Global News | By Blake Casey

China trade talks 'back on track' says Trump

China trade talks 'back on track' says Trump

The outlet reported Saturday that the leaders had agreed that stalled trade talks would resume and that the USA would hold off on threatened additional tariffs on Chinese goods.

Both sides were expected to issue official formal statements later, but Trump confirmed Washington had committed not to impose any new tariffs on Beijing's exports and that the two sides would continue talks.

At their meeting on Saturday, the leaders shook hands in front of flags in a small conference room, with Trump flanked by Secretary of State Mike Pompeo, a China hawk, and Treasury Secretary Steven Mnuchin, who has taken a more business-friendly approach to the talks.

No, I think we are gonna be strategic partners, I think we can help each other.

The truce that halts damaging trade frictions came in a hotly anticipated meeting between the leaders of the world's top two economies on the sidelines of the G20 summit.

The move drew criticism back home, where many members of Congress agreed with the administration's assessment that Huawei is a threat to national security and don't want the company treated as a bargaining chip. He ran for president in 2016 on campaigns like cracking down on China. Mr Trump raised tariffs to 25 percent from 10 percent on $200 billion of Chinese goods, and China retaliated with levies on U.S. imports.

However, the ban still stands on Huawei as it continues to be on the U.S. Department of Commerce's so-called "Entity List" of companies that bars from trading with American entities.

China and the USA are sparring over the Trump administration's allegations that Beijing steals technology and coerces foreign companies into handing over trade secrets.

He added: "Forty years on, enormous change has taken place in the global situation and China-US relations, but one basic fact remains unchanged". "China has agreed that, during the negotiation, they will begin purchasing large amounts of agricultural product from our great Farmers".

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Xi added that he wanted to exchange views with Trump "on the fundamental issues concerning the growth of China-U.S. relations so as to set the direction of our relationship".

ON OR OFF?: "We are talking about that, we have a meeting on that tomorrow or Tuesday", says Trump when asked to clarify if Huawei is going to be taken off the U.S. trade entity list.

"We're holding back on tariffs and they're going to buy farm products", he said at a news conference.

Additionally, if President Trump is not satisfied with China's promises during the negotiation period, or if China's has another 180-degree turnaround, the United States can immediately increase taxes on Chinese goods.

Also, American companies such as Intel or Qualcomm were making a lot of money by selling their products to Huawei.

The dispute escalated when talks collapsed in May after Washington accused Beijing of reneging on reform pledges.

Using Twitter, Trump caused a stir Saturday when he invited North Korea's Kim to shake hands during a visit the U.S. president planned to make to the heavily armed Demilitarised Zone between the Koreas on Sunday.

China has sought support for defending global trade agreements against Trump's "America First" stance in gatherings like the G-20.

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